“Marks & Spencer has held a spot in the FTSE 100 since the index began in 1984.

“If M&S is ejected from the FTSE 100 it would be a hugely symbolic moment, made more poignant by the fact that Ocado looks likely to enter the blue chip index. It paints a picture of the old economy and the new, passing each other in very different directions.”

The latest wave of closures will affect M&S clothing and home stores, which have underperformed for years.

M&S earmarked 14 stores for closure on Tuesday, including in London’s Bayswater and Holloway Road, with a total of 872 employees affected.

The move is part of a five-year turnaround plan spearheaded by chairman Archie Norman and Mr Rowe.

They have been seeking to save costs through store closures and shutting distribution centres as part of a wide-ranging efficiency drive as the company’s financial performance deteriorates.

“There are a number of structural issues to address and we are taking steps towards fixing these,” Mr Rowe added.

“The new organisation will largely be in place by July and the team is now tackling transforming our culture to make M&S a faster, lower cost, more commercial, more digital business.

“This is vital as we start to leverage the strength of the M&S brand and values across a family of businesses to deliver sustainable, profitable growth in three to five years.”